THE FUklDING yfpAinDK ANNUAL REPORT & FINANCIAL STATEMENTS For the year ended 31 March 2023 Company limited by guarantee no. 04046959 Registered charity no.1088315 THE FUNDING NETWORK
CONTENTS Reference and Administrative Detsils of the Charity. Its Trustees and Advisers Chair's Statement Board Of Trustees. Report Independent Auditor's Report 19 statement of Financial Activities 22 Balance Sheet 23 Cashflow Statement 24 Notes to the Financial Statements 25 THE FUNDING NEfwoRK
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS Board of Trustees Mr K Solidum. Chair Cappointed 3 October 2018. appointed Chair 9 January 2023) [resigned.1 June 2023) [8ppointecl l March 2016] [8ppointed l June 2017] [8ppointecl16 April 2019J [8ppointecl17 September 2019) [8ppointed I September 2020) Cappointed 4 May 2022) Cappointed11 October 2022] [8ppointecl 25 January 2023) [8ppointed 22 May 2023] Mr S Lush Mr M Chuter MrA coles OBE Mrs A Clarke. Deputy Chair Ms FJ Johnston Ms o Aig-lmoukhuede Ms C Chambers Ms W Brierley MrA D Morton MsisLee Company Secretary Ms caroline Swanson [8ppointecl 30 October 2019] Chief Executive Eugenie Harvey Company reg. no. 04046959 Charity reg. no. 1088315 Registered Office Toynbee Hall 4th Floor. 28 commercial Street London, E16LS Auditor Knox Cropper LLP 65 Leadenhall Street London, EC3A 2AD Bankers Triodos Bank 11 The Promenade Bristol, BS8 3NN co-operative Bank PO Box 250. Delf House, Southway Skelmersdale, WN8 6M THE FUNDING NETWORK
CHAIR'S STATEMENT The Funding Network tTFNJ reached 8 major milestone in the12 months since we last reported.. 20 years of raising f unds for highly impacttul sm811 ch8rities working for social change from funds poolecl trjy individu818nd institutional donors at live ancl virtU81 crowdfunding events. From its humble beginnings as a group of friends committing themselves to not only be generous but to inspire others to follow in their footsteps. TFN has grown into a respected infrastructure organisation with a gloL)al footprint. We celebrated our 20th anniversary with 8 special Members. reception in October at which we unveiled 8 new br8nd identity and Str8pline'. connections that change the world broughtto life in a 20 Yedr Impact TreDort. If you've not yet read the reporL I hope that you will clo so as 8 companion piece to these accounts. [You c8n read it by clicking on the pink hyperlirnk. by visiting our webslte or we will happily send a hard copy by post]. While so much has changed in two decades. TFN'S model has WlthstOOd and indeed thrived. The covid-19 pandemic has Scarred us in many ways and contributecl in part to the current crisis in the cost of living. Our world is changing. but the need for small org8nis8tions supporting import8nt causes that will see us through these difficult times. remains. It is 8g8inst this backdrop that l am pleased to presentTFN's annual report and audited accounts for the year ended 31 March 2023. 20 years of impact At our 2011) anniversary celebration. we announced that total f unds r8ised through TFN events in the UK and those organised t>y our international network of aff iliates stands at £17 million with £9.8 million raised in the UK from 12.000 individual donors. These funds suppofled the work of 2,500 small non-profit organisations in the UK and around the world and improved the lives of tens of thousands of their benefici8ries. In the UK. 96/0 of the org8nis8tions we support report being better prepared to fundraise because of the experience. 63Yo report leveraging f urther funds 8s result of being f undecl by TFN and 83/0 of the roughly 600 organisations we have funded since 2012 are still thriving today The next decade As we continue to evolve our post-P8ndemic strategy and specifically TFN'S role as a 'connector'. we h8ve t)een considering what might be described 8s our 'ripple effect.. if a TFN event is a pebble dropped in the proverbial pond. how deep and far reaching are the ripples it creates? What wider contributions might we L)e making to the small charity sector and to charitable giving gener811y. and how coul(i understanding this better. enaL)le us to scale our impact on both sm811 charities and donors over the coming decade? THE FUNDING NETWORK
CHAIR'S STATEMENT In the 12 months after 8 TFN event. we monitor ancl report on the impact of funds raised. the pitch CO8ching and the connections made 8t events that can have signific8nt impact on an org8nisation. For example.. My Life Films. which was first funded by TFN in 2017. has gone on to receive further grants totalling £180.000 from a TFN Member who first met them at the evenL Refug22&0me.Which was first funded at a TFN event in 2018. has gone on to raise grants exceeding £250.000 from 8 ch8rit8L)le trust represented at that event - a great return on the £250 sponsor contribution m8ae by the nominating TFN MemL)er! Ancl Beiiver TrLlSt. which Pltched at this year's EFN Live event 8nd raised £22.000 to support work to regenerate UK rivers. went on to receive a grant for £30.000 from a charitable foundation attending the event. However. looking to the ripples undulating towards the edges of our pond - which is to say the longer- term impact of our events and the work they entail - we see TFN funded org8nis8tions appearing as grantees of major institution81 f unders. With TFN funding. organis8tions which were too small. new or unproven to start. have hence been 8ble to increase their capacity. gather evidence of their impact and use the skills and confidence they gained to make their case stronger. CASE STUDY Settle helps care-experienced young people live independently. TFN raised its first ever funds at an event in partnership with Year Here (the now sadly closed social enterprise incubator programme) in 2014- £1,225! Settle went on to pitch at Youth Funding Network [YFN) the following year, TFN London in 2017 and the Strategic Funding Group in 2018 at which they raised £21,275. These funds enabled them to recruit a Programme Manager who secured a grant from the Pret Foundation and released the CEO to fundr8ise. The following year. Settle's grant income increased from g30k to £3231L SETTLE "We've thoroughly enjoyed working with TFN over the -iTh last 5 years and are extremely grateful for their support of Settle at every stage of our journey - from just a seedling of an idea to a scaling charity working with hundreds of young people. It's been so beneficial to have a funder that has supported us at each step and has enabled us to grow successfully." Rich Grahame, CEO Going forN8rd, we will invest time and resource in building a more complete picture of the role we're P18ying in supporting charities such as Settle. both in the short and longer term 8nd use this evidence to inform our plans for growLh. THE FUNDING NETWORK
CHAIR'S STATEMENT Diversity. Equity. and Inclusion Organis8tions in every sector 8re becoming more attuned to the hidden L)iases that Can affect how individuals present. engage. and behave with individuals who are different to them or are members of a group with which the individual does not identify. AS a grant maker to org8nisations addressing myri8d social injustice issues. it is imperative th8t TFN invests time and consideration into the ways in which the principles of diversity. equity and inclusion manifest in all aspects of our work. COII IIECTI THAT CH.: HEW- AS Chair. l understand that DEI considerations are complex and l also believe they present 8 huge opportunity to involve more people in our work. aciding depth and breadth to our impact. The organisation has established its intent to develop a DEI fr8mework and 8 set of actions th8t will help us become a more inclusive org8nis8tion and funder. I look forward to reporting on those and the progress we are making. Challenges ahead for the small charity sector Over the past 12 months we've had the news of the closure of two infrastructure org8nis8tions dedicated to ch8mpioning the sm811 charity sector and suppoflirng the thous8ndS of small UK ch8rities with training. 8dvoc8cy and fundraising support. In March 2022. the Small Charities C081ition closed transferring its help desk function to 8 partnership between the Founoation for social Improvement [FSI] and the NCVO. The following March it was announceo that the FSI woul(18lso close. These longstanding organisations both cited f inancial sustainability as the reason for closure whilst also making the case for the increased need for their work to support small charities. The demise of the Small Charities Coalition and the FSI (underlined t>y the findings of a report by 360 Giving titled alys. which describes the "fragile ecosystem" of volunt8ry sector infrastructure organis8tions) drastically reduces the support available to small charities and downgrades the sector over811. For those of us who believe in the vit81 role of sm811 charities in supporting people facing multiple layers of disadvantage. this is (ieeply worrying news. Over the next12 months we will be cornsiclering what role TFN might play in filling the gaps. We will use the at>undant evidence we're gathering of the THE FUNDING NEfwoRK
CHAIR'S STATEMENT imp8Ct of small charities to promote the value of their work 8n(i celebrate the in(iivi(iuals and institutions that supporl them to encourage more indivicluals and institutions to join us as members. Thank you to those who make our work possible I would like to conclude by expressing my gratitude to the many people an(i organisations that have contributed to the impact TFN has had in the UK and around the world over the past12 months. TO our members - inclividuals. families. trusts. corporate foundations. and companies - thank you for your generous and unstinting support. Members are central to TFN'S work. f inding and selecting charities. bringing guests to events. and providing a reliable bedrock of donations and contributing to TFN'S own core costs through the Sw8n Appe81. TO the deeply valued group of companies who host our events attheir Phenomenal premises. offering unp8r811elecl city views. gracious hospitality 8rnd match funcling that accelerates giving on the day and incre8seswhatwe can giveto ourcharity P8rtners. wethank Octopus Giving. M8cquarie. Mishcon De Reya LLP. Picton. R8thbone Greenb8nk. T Rowe Price and J8nus Henderson Investors who have ensured our success 8ncl amplified our impact in the last year. Thank you to the funders who support our costs and contribute match funding at events - Brooks Foundation. City Bridge Foundation. Ennismore Foundation. EQ Foundation. Frederick fvl ulder Found8tion. J Paul Gettyjnr Charitable Trust and for 8 decade of support to our internation81 programme. Charles Stewart Motl Found8tion and M8rie- Louise von Motesiczky Charit8L)le Trust. l am immensely inspired by ancl grateful to the TFN team. led by the brilliant Eugenie H8rvey. who continue to show us the way to make connections that can change the world. I know I speak for m8ny when I Say 8 particularly thank you to Jennie Jeffery who left us in May this year after g years of dedicated service to TFM and the many charities she supported over the years. This year h8s seen considerable ch8nge on the Board but one thing which has not ch8nged is the unwavering support trustees offer me as their new Chair. each other. and the team. TFN is extremely fortunate to THE FUNDING NETWORK
CHAIR'S STATEMENT have such a competent. committed. and caring group of Trustees and I thank them 811 for their hard work these p8St12 months. I would like to extend sincere thanks to my predecessor Samuel Lush who stood down in June after six years on the Board and five years as Chair. It is testament to his leadership that TFN weathered the pandemic and emerged from it in good health. Allis Clarke. TFN'S Deputy Chair has provided fantastic continuity during the period of transition as h8s our Company Secretary. Caroline Swanson. Thank you both. Michael Chuter. who has been on the Board for seven years and Treasurer for six stands down in October 2023 and I th8nk him for the contribution he has made to TFN s work in that time. We are delightecl to welcome Wendy Brierley as TFN'S new Treasurer and thank her for stewarding us through this. Alan Morton. a longstanding TFN memL)er and Isabel Lee joined the Board in January and May respectively 8ncl l am delighted that Ofovwe Aig- Imoukhuede has agreed to serve a further term. AS TFN continues its evolution into its third decade. it navigates re81 complexity in our worl(i. gre8ter demancl than ever for the vit81 support that sm811 and mighty non-profits Can provide Liut huge macroeconomic and political movements that make life harder - especially for those already on the margins. we will continue to deliver wh8t we're good at making connections that change the world - Liut we will also seek to be an even more active player in the UK'S grant making community and the small charity sector. building on the firm foundations of our 20-year track record. We maintain an important piece of infrastructure in the voluntary sector. a platForm that connects two growing communities thoughtful 8nd big-hearted donors and compelling small non-profit organisations. Kawika Solidum Chair THE FUNDING NETWORK
BOARD OF TRUSTEES, REPORT TheTrustees(who are also the Directorsofthe ch8rit8ble companyforthe purposesofthe companies Act) present their combined Directors. report and Trustees. 8nnu81 reporL as required by company 18W. together with the audited financial statements of The Funding Network (the companyj for the ye8r ended 31 March 2023. The Trustees confirm that the Annual Report and fin8ncial statements of the company comply with the current statutory requirements. the requirements of the comp8ny's governing document 8nd the provisions of the Accounting 8ncl Reporting by Ch8rities. statement of Recommended Practice (SORP (FRS102 second edition - effective lanuary 2019)) The Trustees and Directors Reports have been combined under companies Act 2006. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT Objectives The Funding Network tTFM) is an open network which facilitates connections L)etween donors and small non-profit organisations. most typically registered charities. Specifically. TFN aims to. raise money for organisations cre8ting soci81 change, provide a public benef it t)y educating attendees at events about social change projects.. encourage an incre8sing number of people to engage in active philanthropy. help individuals make an impact by en8bling them to combine their giving with others. Activities Crowdfunding events TFN carries out its objectives primarily by organising live. virtual ancl hybrid crowdfunding events at which small non-profit organisations most typically charities. have the opportunity to make a short pitch for £10k to a room full of potential individual and institutional donors. TFN supports charities to develop a compelling pitch and f unds raised may be used toward core costs or to deliver a project. Organis8tions which use these funds to position themselves for 8 Strategic "step change" 8re invited to apply to pitch for second Stage funding of £20k at a members-only ["Strategic Funding Group"J event the following year. Issues addressed at events SP8rn the spectrum of nee(i in the UK and around the worlcl. on any given evening an audience might have the opportunity to support children impacted by parental imprisonment. patient-led advocacy for fair access to treatment. refugees and asylum seekers facing homelessness and targeted education opportunities for children living in poverty in the Global South. working with partners with specialist knowledge. TFN also organises themed crowdfun(iing events t8rgeting underfunded issues and need. Currently. these include racial justice with Black Funding Network. the environment with the Environmental Funders Network and LGBTQl+ rights with LGBT, consortium. Giveout and Macquarie. Outside of London. TFN continues to support the declicated volunteers in Hertfordshire who for seven years have organised 8n 8nnu81 event known as TFN Herts. After a break necessit8ted by the pandemic. work has begun on a live event in Herifordshire in early 2024. In most cases. events are hosted t>y companies which provide the venue. technic81 support and hospitality ali free of charge and in some cases match funding for which they receive extensive recognition. TFN'S members make up the majority of the audience and give the majority of the funcls THE FUNDING NETWORK
BOARD OF TRUSTEES, REPORT raised 81though events are open to anyone to attend (excluding the strategic funclirng event describe above) Membership engagement Members 8re central to TFN'S delivery of its charitable Objectives finciing. nominating. selecting. and funding organis8tions that pitch 8t our events as well as contributing to TFN'S core costs through annual membership contributions. Many members advocate on TFN'S t)ehalf. bringing friends and colleagues to events to help widen the charity s network of support and sharing their experience of giving through TFN in reports. on our website and at events. to inspire others. Through its membership programme. TFN works to enlarge the pool of inciividual and institutional donors and increase the funds av8i18ble to sm811 charities. Scaling our impact TFN widens its impact by sharing its live crowdfunciing model to mission-aligned organisations and groups. For the past ten years. TFN has supported leading international civil society organisations with 8 focus orn Philanthropy development to learn and adopt TFN'S crowdfunding model. often introducing the giving circle concept for the first time. I nterrnationally. TFN has SUPPOrted 28 Partner org8nis8tions during that time. hosting study visits to the UK. delivering training and administering 8 starler grants programme funded by the Frederick Mulder Foundation. Funds raisecl at events organised by partner organisations are not included in the audited accounts. Since 2020 TFN has worked closely with longstanding member. Patricia Hamzahee to support an initiative she co-leads to enlarge the community of Black donors in the UK and increase funds available to Black-led non-profits in the UK. To date. TFN has supported the Black Funding Netrvork to org8nise four events and we are excited about working together to grow the network over the coming years. ACHIEVEMENTS AND PERFORMANCE TFN in the UK TFM m8de grants to 40 non-profits tot811ing £621k in 2022-23, which we raised 8t12 crowdfunding events in the UK. This compares with £526k in 2021-22 raised through 11 events and inclu(ie(18 £17k direct grant. This generosity Stemmed from 709 (ion8tions across our flagship and partnership events. Our five flagship events (now known 8s"connectors- as in "New Year connector". "Summer connector- eta) raised an 8ver8ge of £47k at each evenL The 8ver8ge grant made to a charity was £13.989. which is 39% moreth8n the £10k target. In the past year we held two meetings of our Strategic Fun(iing Group CSFG) - an opportunity for individual and institution81 members looking to support previously funded org8nisations to make a step change in their work Csee the Settle case study above]. The aim is to raise £20k for each of three organisations selected to pitch. AS part ofthe 20th annivers8ry re-brand. meetings ofthe Strategic Funding Group are now known as "Connector Plus" events. making explicit their role in raising second Stage and i or tr8nsform8tiornal 10 THE FUNDING NETWORK
BOARD OF TRUSTEES, REPORT funding Two events raised a total of £111.468 for 6 non-profit org8nis8tions which compares with £115.809 in the year prior. NON PROFITS SUPPORTED IN 2022-23 FLAGSHIP Partnership events Partnership events enable us to put a specific focus on vital. ASOCIACIONKANTAYA BLOODY GOOD PERIOD underfundecl issues 8ncl to give our members the opportunity of CATCHING LIVES supporting highly impactful organisations addressing them. CLIMATE EMERGENCY CLOWNS WITHOUT BORDERS UK For the sixth year were delighted tojoin forces with the Environmental EXPERIENTIAL YOUTH ASSOCIATION FORUM APULUM Funders Network to deliver EFN Live. The virtual event which was FRAZZLED CAFE supportecl by Rathbone Greenb8nk Investments.waswell attended by RID OF AND DONATE KATHERINE LOW SELEMENT both TFN and EFM'S members and raised 8 total of £58k. Five EFN Live MAYMESSY ONLY A PAVEMENT AWAY events have now raised 8 total of £358k for18 org8nis8tions working PROVEG UK to protect the environment. with 8 further £1.2m leveraged as 8 result SOLAR LINKS of connections made at the events. STORMBREAK THE RESTART PROJECT THE STRELIFE TRUST Our partnership with Giveout. Consortium and Macquarie to deliver THE VISIONARIES the annual City for LGBT+ event raising funds for groups at risk of TURKEY MOZAIK human rights abuses in the UK and around the world. entered its STRATEGIC fourth ye8r. This year's record-bre8king event raised £89k for 15 FUNDING GROUP org8nis8tions with total funds raiseo now standing at £181k. CHILDREN HEARD AND SEEN DANIEL SPARGO MABBS FOUNDATION The Black Funding Network has now held four successful events FIVETALENTS LIGHTYEAR FOUNDATION raising over £95k for12 Black-led projects and the communities they OBLIQUE ARTS serve. This ye8r s event held in person and generously hosted by Reed VULCAN LEARNING CENTRE Smith raised £21.483 for three inspiring org8nis8tions. PARTNERSHIPS RK FIVE ASIDE THEATRE MINDWALK YOGA URBAN MBA IN PARTNERSHIPWITH GIVEOitr. LGBT. CONSORTIUM & MACQUARIE HELEM IRAQUEER LOVING ME TRANSLUCENT (FORMERLY KNOWN AS STEPH'S PLACE) REWRITtNG ExnNCTtON RIVER ACTION UK YOUTH ENVIRONMENTAL SERVICE ti CLIMATE MINDED JUSTONCE KALA SODA MOSAIC THE FUNDING NETWORK
BOARD OF TRUSTEES, REPORT TFN International Highlights from our international work in 2022-23 include TFN Australia's tenth anniversary at which they celebratecl having raised $2.3 million AUD for 500 non-profits. and the f irst ever Intern8tion81 Connector event in the UK [pictured below) showcasing the outreach of our partners and the strength of those re18tionships through which we are aL)le to confidently support grassroots org8nis8tions across the globe. Following 8 successful visit to stu(iy with TFN in London. the first two events b8sed on our mociel were held in Valencia. Spain Ct)elow]. STARTER GRANtS DISTRIBUTED IN 2022-23 I n 2023-23. funds raised through partner events in Albania. Australia. Belgium. Columbia. Georgia. Germany. Hungary. Latvia. Macedonia. New Zealand. Peru. Romania. the Romanian Diaspora. Slovakia and Turkey. totalled £1.012k [2022. £987kJ. These events were 8dministere(i by partner organisations. rather than TFN directly. so are not included in these accounts. BRASOV, ROMANIA BURGERSTI GERMANY BuzAu COM BuzAu. ROMANIA CENTRE OF STRAT DEVEL TFN'S international offer of training and SUPPOrt for mission aligned civil society organisations (CSO] working to increase Phi18nthropy. is greatly strengthened by a Starter Grants programme. generously funded by the Frederick Mulder Foundation. CSOS that have successfully completed training in the TFN crowdfunciing model are invited to apply for 8 grant of el.000 EUR (or local equivalentl for each of their first three events. In 2023-24 we are excited to mark the 10th annivers8ry of TFN Intern8tional. GEORGIA FUNDATIA MURES. ROMANIA LE CERCLE DE t BRUSSELS. BELGIUM MOSAICO PERU PARTNERÈf SHQIPÉRI PÈR ND ALBANIA ROOTS HUNGARV COLOMBIA THE FUNDING NWOR AUSTRALIA TURKEY 12 THE FUNDING NEfwoRK
BOARD OF TRUSTEES, REPORT PRIORITIES FOR 2023-24 A busy ye8r lies ahead with some important projects reaching completion. The events programme and f unding targets will rem8in18rgely unchanged. however 8 focus will be placed on Connector Plus events (formerly known 8S SFGJ with 8 view to increasing participation and funds raised. The overarching strategic objectives for the year and activity to deliver them are as follows.. Objectiva Activity to deliver To increase income to fund core costs and to ensure 8 balance of income sources [self-generated, grants and philanthropic donations) Launch new individual and institutional membership Offer. with 8SSOC18ted recruitment P18ns ancl new weL)site Fundraising focused on trusts and foundations with a record of supporting small charities and its infrastructure Launch new Patron Scheme. building on legacy of Swan Appeal To embed principles of diversity, equity and inclusion (DEIJ in all our areas of our work Develop a DEI framework for alig ning internal and extern818Ctivities with this approach 8rncI for measuring progress Establish a common understanding 8mongst the Board and St8ff team that will inform how TFM realises its DEI approach To understand the impact of the funds we raise and the support we offer to charities Develop impact framework with scope to cover short ancl long-term outcomes Develop Charity Alumni progr8mme to form81ise longer-term re18tionships with fundeci charities To position TFN as a leader in the philanthropy sector in the UK Develop new communications strategy with the launch of a new website as its cornerstone Programme of activity to mark the 10th anniversary of TFN International To strengthen TFN'S organisational capacity to prepare it for growth Recruit experienceci Operations Director to ernable CEO to focus on long-term strategy. fundraising and sector leadership Digit81 transition to streamline processes and better manage data led Governance review to include review of policies. updated Articles of Association for consi(ier8tion at 2023-24 [AGM) 13 THE FUNDING NETWORK
BOARD OF TRUSTEES, REPORT FINANCIAL REVIEW Result for the year TFN'S income comprises of donations. membership fees. levy income and grants which enable TFN to make grants to non-profit organis8tions and Sustain its activities. The majority of clonation income is received. via its events. from members. individuals. grant making trusts and corporate supporters to awarcl grants to Carefully selectecl non-profit organisations. TFN reported 8 10% increased income to £888,261 [2022. £810.963) for the year. primarily due to an increase in donations and grants. this includes the f irst tranche [£55.000) of a new four-year grant from City Bridge Foundation Ctotal.. E175.000) to support core costs and ciedicate staff resource to growing our corporate memL)ership. Expenditure in the year amounted to £893.431 [2022. £764.845J with grant making increasing L)y £112.080. or 22Y.. to £621.555 [2022. £509.475). The costs of running the org8nisation (UK and International) incre8sed by 6/, to £2Tr.876 (2022. £255.370). This resulted in a small over811 deficit of £5.170 for the year [2022. sufpius of £46.118J. This shortfall related predomin8ntly to restricted f unds. Wlth unrestricted funds providing a surplus of £35.439 [2022. £20.829] As a result unrestricted general reserves have increased to É154.737 C2022. £119.298] TFN had free reserves of £139.149 at 31 March 2023 [2022. £116.343J. which meets the reserves policy as set out t)elow. Details of Reserves TFN is a small and nimble organisation that relies on 8 combination of membership fees. le income and grants to sust8in its activities. as earned income 81one would not 811ow us to continue operating. While this diversified mix of income reduces financial risk. if there were to Lie 8 gap in earned or fundraised income. it is likely th8t the charity would neecl to draw on its free reserves to ensure th8t TFN Can continue to fulfil its objectives in supporting non-profit org8nis8tions whilst working to secure new funding. The trustees have agreed that TFN should have reserves to sustain operations for 8 period of 3 to 6 months and have set minimum reserves target of £95.000 and an optimum target of £175.000. The level of reserves is being reviewed every 3 months by the Trustees at their regular meetings. This policy is reviewed ye8rly to ref lect any significant ch8nges to the ch8rity s work and circumstances. Risk As p8rt of our dedication to responsible governance anci effective risk management. we acknowledge the existence of various risks th8t have the potenti81 to imp8Ct our operations. financi81 stability. 8rnd ability to achieve our objectives. In accordance with this commitment. we present the following summ8ry of key risks considered in our financi818ccounts. l. Reputational Risk We recognise the importance of our reputation as a trustworthy an(i responsible charity. Any actions or events that could neg8tively impact our reputation 8re acknowledged as 8 risk This includes factors such as compli8nce with ethical st8nd8rdS. donor relationships. DEI and the alignment of our actions with our values an(i stakeholder expectations. 14 THE FUNDING NETWORK
BOARD OF TRUSTEES, REPORT 2. Key Executive staff Member Risk TFN is 8 sm811 ch8rity The departure or absence of key executive staff members poses a risk to the continuity of our le8dership 8rnd organisational knowledge. While we have implemented Strategies such as succession planning. professional development and transparent communication. this risk remains a consicieration. 3. Financial Risk We understand that financial sustainability is essential for achieving our mission. We acknowledge potential risks re18ted to funding challenges. economic f luctuations. and donor Qependencies. Our approach to mitig8ting financial risk includes m8int8ining fin8nci81 resemes. diversifying funding sources. and strategic fin8nci81 Planning. 4. Major External Events Risk The impact of major extern81 events. such as pandemics. natural disasters. and economic downturns. on our oper8tions and mission delivery is recognised. We have contingency plans in place to 8ddress potential disruptions and ensure continuity in serving our beneficiaries. 5. ESG Risk (Environmental. Social. and Governance) As an org8nis8tion dedicated to positive soci81 impact. we acknowledge the importance of ESG considerations. We understanci the reputational and financial implications of not effectivelv m8n8ging our environmental. social. and governance practices. We are committed to transparent reporting. stakeholder engagement and ongoing improvement in these areas. In summary. The Funding Network is dedic8ted to identifying. assessing. an(i mitigating risks that could impact our org8nis8tion's mission. reput8tion. and financial st8nding. Our commitment to tr8nsp8rent reporting. strategic p18nning. st8keholder engagement. and ongoing risk assessments enables us to proactively address challenges and ensure our resilience in an ever-changing environment. We maintain a risk register with risks. ratings. mitigations and monitoring listed. The full risk register is reviewed at le8St annually by the Board of trustees. STRUCTURE, GOVERNANCE AND MANAGEMENT Public Benefit The Trustees confirm that they h8ve referred to the Ch8rity commission's gener81 guidance on public benefit when reviewing the charity S aims 8rnd Objectives and in Planning future activities. The Trustees ensure that TFN'S social change mission is carried Out for the public benefit through the cre8tion of funding events which support sm811 charitable org8nis8tions that aim to enable enduring positive tFansform8tion for individuals. communities. andlor society and the environment over the long term. This support includes raising funds. the development of new skills (e.g. presernt8tion training). access to new networks and the opportunity to secure pro L)ono and Other volunt8ry support. 15 THE FUNDING NETWORK
BOARD OF TRUSTEES, REPORT Examples of charit8L)le organisations supported include those which.. address issues of inequality 8nd disadvantage. create 8dvocacy / campaigning / dissemination to change society for the L)etter, aim to find 8 new / better solution to 8n underlying problem.. focus on person81 development to change the way benefici8ries act and live.. pilot solutions with the potent181 for exp8nsion to supporL many more people. Our charitable organisation is primarily set up to support. other small charitable organisations that are selected to pitch at our events for funds and other support. individual and institutional donors that attend our events to meet Such org8nis8tions an(i to offer them support. the beneficiaries of the ch8rit8L)le org8nis8tions funded at our events. in he81th. education. human rights. crime prevention. environment. livelihoods and inclusion. TFN also provides 8 V8Iu8Lile service to civil society groups worldwide through its international programme. as described previously in this report. Constitution The company is constituted under a Memorandum of Association dated 3 August 2000 and is a registered charity. number1088315. The charitat)le objects ofthe company are to pay or apply the funds of the company to or towards or in furtherance or advancement or for the benefit of such one or more charities. charitable institutions. or ch8rit8t)le purposes and if more than one in such shares and in such manner as the t)08rd of directors of the company thereafter in their atisolute discretion from time to time sh811 respectively select ancl think fit. The principal aim of the company is to provide 8 Putilic crowdfunciing forum which. 8CtS 8s a 'm8rketpl8ce' to which individu81s bring projects that work tOW8rdS 8 fairer. healthier and more sustainable world-. provides a mutually respectful setling. where those who might like to join with others in funding such projects get to meet 8nd hear from those doing the work. promotes a paradigm of social change giving. that those who h8ve much can usefully share their wealth in creative 8ncl pro8Ctive ways. and that the process of giving can be enriching to the giver as well as the receiver. It achieves this by running events (and SUPPOrting others to run events) for the public L)enefit. bringing potent181 donors together with sm811er charities and SOCi81 enterprises in need of funding. and encouraging donations to be Pledged and suppofl in-kind facilitated at each event. Trustees The management of the company is the responsibility of the Trustees who are elected and Co-opted under the terms of the Articles of Association. All the Trustees are familiar with the organisation and its operation before being appointecl Trustees. Trustees are recruited according to the skills. knowledge and experience required and with a view to delivering on the ch8rity s commitment to DEI. Existing Trustees identify where gaps need to be filled. such as those re18ting to an area of governance. candidates are interviewed by the Chair. another THE FUNDING NEfwoRK
BOARD OF TRUSTEES, REPORT Trustee and the CEO. Each newTrustee receives an induction. Charity commission's Essentl81 Trustee leaf let. minutes for previous Board meetings. 8 copy of TFN'S Memor8ndum & Articles of Association. a copy of TFN'S Policies and the most recent annual accounts. New Trustees are 81so offered the opportunity to receive training appropriate to their and TFN'S needs and to spend time in the TFN office observing the organisation's operations. Trustees serve an initial term of three years anci are eligible for three further years. An anonymised Board Effectiveness survey is undertaken by the Company secretary annually providing the opportunity forthe Board and Executive to benchm8rk its performance and identify areas for improvement. Organisation and Management The Funding Network has nine Trustees. Trustee meetings are held four times per year. Papers circulated L)etween ancl before each meeting are used to keep the Board irnforme(i about developments and prepared for any key clecisions required. The Boar(i sets Strategy and policy for membership recruitment. grant making and financial matters. While Trustees govern the organisation. the day-to-day running is delegated to its staff. I n 2022_23 the staff comprised five permanent roles (Chief Executive Officer. Impact M8n8ger. Finance and Grants Manager. Events 8n(i communications Manager 8nd Membership Manager). STATEMENT OF TRUSTEES. RESPONSIBILITIES The Board of Trustees is responsible for preparing the Annual Report and the financial statements in accordance with 8ppIic8ble law 8nd United Kingdom Gener811y Accepted Accounting Pr8Ctice. Comp8ny18w requires the Trustees to prepare financial statements for each fin8nci81 year which give a true and fair view of the state of affairs of the charitable company ancl of the incoming resources and applic8tion of resources. including the income and expenditure. of the ch8rit8ble company for that period. In preparing these f in8ncial statements. the Trustees are required to. select suitable accounting policies ancl then 8pply them consistently. obseNe the methods and principles in the Charities SORP. makejudgments and estimates that are reasonat)le and prudent state whether 8PPIicabie UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. 8nd prepare the financi81 statements on the going concern basis unless it is inappropriate to presume th8t the charitable company will continue in business. The 808rd of Trustees has over811 responsibility for ensuring that the Charity has an 8ppropri8te system of controls. fin8nci818nd otherwise. The Trustees are also responsible for keeping adequate accounting records which disclose with re8sonable accuracy at any time the financi81 Posltion of the Charity and enaL)le them to ensure that the f in8nci81 statements comply with the Companies Act 2006. the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the Ch8rity 8rncI hence for taking reasonable steps for the detection and prevention of fraud and other irregularities. 17 THE FUNDING NETWORK
BOARD OF TRUSTEES, REPORT The Board of Trustees is responsible for the maintenance and integrity of the corporate and financial information included on the company s weL)site. Legislation in the United Kingdom governing the prep8ratlOrn 8nd dissemination of financi81 Statements may differ from legislation in other jurisdictions. In so far as the Trustees are aware. there is no relev8nt 8udit information of which the ch8rit8L)le company's auditor is un8W8re-. the Trustees h8ve taken all steps that they ought to have t8ken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information This report was approved and authorise(i for issue L)y the Board of Trustees and signed on its beM8lf Kawika Solidum Chair Date.11 DecemL)er 2023 18 THE FUNDING NETWORK
INDEPENDENT AUDITOR'S REPORT Opinion We have audited the financial statements of The Funding Network Cthe'charitable company ] for the ye8r ended 31 March 2023 which comprise the statement of fin8rnci81 activities. the t)a18nce sheet. cash flow and notes to the fin8nci81 statements. including a summary of significant accounting policies. The financial reporting framework that has been appiiecl in their preparation is applic8L)le 18W 8nd United Kingdom Accounting St8ndards. including Financial Reporting Standard 102 The Financial Reporting St8nd8rd 8ppIic8ble in the UK 8na Republic of Ireland [United Kingclom Generally Accepted Accounting Pr8Ctice] In our opinion. the f inancial statements.. give 8 true and fair view of the state of the charitable comp8ny s affairs as at 31 March 2023 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with Uniteci Kingdom Generally Accepted Accounting Practice.. have been prepared in accordance with the requirements of the companies Act 2006. Basis for opinion we conducted our audit in accordance with International St8nd8rdS on Auditing [UKI CISAS [UK]J and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report We are independent of the charitable company in 8ccord8nce with the ethical requirements that are relevant to our 8udit of the fin8ncial st8tements in the UK. including the FRC'S Ethic81 St8ndard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suff icient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we h8ve concluded that the trustees. use of the going concern basis of accounting in the preparation of the f in8ncial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charit8L)le company s ability to continue as a going concern for a period of at le8St twelve months f rom when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report. other than the financi81 statements an(i our auditor's report thereon. The trustees are responsiL)le for the other information. Our opinion on the financial statements (joes not coverthe other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with 19 THE FUNDING NETWORK
INDEPENDENT AUDITOR'S REPORT the financial statements. or our knowledge Obtained in the audit or otherwise appears to be materially misstated. If we identify such materi81 inconsistencies or apparent material misstatements. we are required to determine whether there is a m8teri81 misst8tement in the fin8ncial st8temernts or a material misstatement of the other information. If. based on the work we have performed. we conclude that there is a material misstatement of this other information. we are required to report that fact. we have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit the information given in the trustees. report. which inclucles the directors. report prepared for the purposes of company law. for the financial year for which the financial statements are preparecl is consistent with the fin8ncial st8tements. and the directors. report included within the trustees. report h8S been prepared in accorc18nce with 8pplicable leg81 requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable comp8ny and its environment Obt8ineo in the course of the audit we have not identified any m8teri81 misst8tements in the directors. report included within the trustees. report. we have nothing to report in respect of the following matters in relation to which the companies Act 2006 requires us to report to you if. in our opinion. adequate accounting records h8ve not been kept. or returns adequate for our audit h8ve not been received from branches not visited by us. or the financial st8tementS 8re not in agreement with the accounting recor(is and returns. or certain disclosures of trustees. remuneration specified by18W are not made. or we have not received all the information anci explanations we require for our audit.. or the trustees weFe not entitled to prepare the financi81 statements in accordance with the small companies regime and take 8dv8nt8ge of the sm811 companies, exemption from the requirement to prep8re a strategic Report or in preparing the Report of the Directors Responsibilities of trustees As explained more fully in the trustees. responsibilities st8tement. the trustees [who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the f inancial statements and for being satisfied that they give a true and fair view. an(i for such internal control as the trustees determine is necessary to enable the preparation of f inancial statements that are free from materi81 misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the company s ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern L)asis of accounting unless the trustees either intend to liquidate the company or to cease operations. or have no realistic alternative t)ut to do so. Auditor's responsibilities for the audit of the financial statements Our oL)jectives are to Obtain reasonable assurance 8L)out whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Re8son8L)le assurance is a high level of assurance but is not 8 guarantee 20 THE FUNDING NETWORK
INDEPENDENT AUDITOR'S REPORT that an audit conducted in accordance with ISAS [UK] will always detect a material misstatement when it exists. Misstatements Can arise from fraud or error 8nd are considered material if. individually or in the aggregate. they could re8sonably be expected to influence the economic decisions of users taken on the basis of these f in8nci81 st8tements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect materi81 misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including f raud is detailed below. The CharitaLile company is reouired to comply with both company18w and charity law and. based on our knowledge of its activities. we identified th8t the leg81 requirement to accurately account for restricted funds was of key significance. We g8ine(18n understanding of how the charitable comp8ny complied with its legal and regulatory framework. including the requirement to properly 8ccount for restricted funds. through discussions with management 8nd 8 review of the documented policies. procedures and controls. The audit team. which is experienced in the audit of charities. consioered the ch8rit8ble company s susceptibility to materi81 misstatement and how fraud may occur. Our considerations included the risk of management override. Our approach was to check th8t all restricted income was properly icientified and separately accounted for and to ensure that only valid and appropriate expenditure was ch8rged to restricted funds. This include(i reviewing journ81 adjustments and unusual tr8ns8Ctions. A further description of our responsibilities for the audit of the financial statements is Ioc8tecl on the Financial Reporting council's website 8t. i',PvWNf rc org uk lauditorsresponsibilii&. This description forms part of our auditor's reporL Use of our report This report is made solely to the charitaL)le company s members. as 8 body. in accordance with Chapter 3 of Part 16 of the companies Act 2006. Our audit work h8S been undertaken. so that we might state to the charitable company s members those matters we are required to state to them in an auditor's report an(i for no other purpose. To the f ullest extent permitted t>y18w. we do not accept or assume responsibilityto anyone otherthan the charitable company and the charitable company s members as a body. forour audit work. forthis report or for the opinions we have formed. Simon Goodridge (senior Statutory Auditor) For and on L)eh8lf of. Knox Cropper LLP Ch8rtered Accountants & st8tutOry Auclitors 65 Leadenhall Street London EC3A 2AD Date. 14112123 THE FUNDING NETWORK
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT Unrestricted Funds 2023 Designated Funds 2023 Restricted Funds 2023 Total Funds 2023 Total Funds 2022 Note INCOME AND ENDOWMENTS FROM.. Donations 8nd legacies Charitable activities Other trading activities Investments TOTAL 86.923 21.914 1.992 340 111,168 104,400 672.693 864,016 21.914 1,992 340 888.261 788.320 22.624 19 810,963 104,400 672.693 EXPENDITURE ON.. Raising Funds Costs of generating voluntary income Charitable activities UK Events Charity Training and Support Membership Support TFN Intern8tion&l Gr8ntm&king TOTAL EXPENDITURE 50,725 50,725 30.248 82.768 82.768 TI.707 33.687 55,096 33,687 .096 49,600 621.555 893.431 27.882 42,400 Tl,133 509,475 764.845 49.600 570.331 619.931 51.224 273.500 Net incomellexpencliture) before transfers Transfer between funds NET MOVEMENT IN FUNDS 1162,3321 197,7 35.439 104,400 1128,2661 123,8661 52.762 169,5051 116,743) 15.170) 46,118 17 15.170) 46,118 RECONCILIATION OF FUNDS TOTAL FUNDS AT1 APRIL 2022 119,298 23,866 34.596 IT7,760 131,642 TOTAL FUNDS AT 31 MARCH 2023 154,737 17.853 172.590 IT7.760 All income and expencliture h8s arisen from continuing activities. Pages 25 to 43 include the Notes to these accounts. REGISTERED COMPANY NO. 04046959 FOR THE YEAR ENDED 31 MARCH 2023 22 THE FUNDING NETWORK
BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note NON-CURRENT ASSETS Int8ngible Fixed Assets Tangible Fixed Assets 14.640 948 15.588 12 2.955 2.955 CURRENT ASSETS DeL)tors cash at L)8nk and in han(i 13 119.489 267.498 52.880 397.311 386.987 450.191 CREDITORS. amounts falling due within one year 14 [121.585) [92.530) Deferred Income 15 [108.400) [182.856) NET CURRENT ASSETS 157.002 174.805 NET ASSETS 172.590 177.760 FUNDS Unrestricted f unds.. Design8ted funds General fund 16 16 23.866 119.298 143.164 34.596 177.760 154.737 154.737 17.853 172.590 Restricted funds 16 The financial statements have been prepared in accordance with the speci81 provisions in Part15 of the companies Act 2006 relating to sm811 companies and the Financial Reporting Standarcl102. Pages 25 to 43 include the Notes to these accounts. The financial statements were approved and authorised for issue by the Board of Trustees on 11M2123 and signed on their behalf by. Kawika Solidum Chair 23 THE FUNDING NEfwoRK REGISTERED COMPANY NO. 04046959 FOR THE YEAR ENDED 31 MARCH 2023
CASHFLOW STATEMENT 2023 2022 Cash flows from operating activities Surpiuslideficit) for the fin8nci81 year Adjustments for.. AmortiS8tion Charge Depreciation Charge [1 ncre8seJ/Decrease in debtors Incre8se/iDecreaseJ in creditors Investment income [5.170] 46.118 3.660 3.211 [66.609) [45.401) [340) [110.649) 1.457 [3.862] 90.084 [19) 133.778 cash flows from investing 8Ctivities Return on investment - interest receivable Purchase of intangible assets Purchase of tangible assets 340 [18.300] [1.204) [19.164) 19 19 Net increase/i(iecrease] in cash and Cash equivalents [129.813] 133.797 cash ana Cash equivalents at l April 2022 397.311 263.514 cash an(i Cash equivalents at 31 M8rch 2023 267.498 397.311 A] components of c8sh and Cash equivalents Cash at t)ankand in hand 267.498 397.311 B) Analysis of changes in net debt At1 April 2022 Cashflows 397.311 [129.813) 397.311 [129.813) Non-cash At 31 March Changes 2023 267.498 267.498 Cash and Cash Equivalents cash REGISTERED COMPANY NO. 04046959 FOR THE YEAR ENDED 31 MARCH 2023 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES Basis of preparation of financial ststements The financial statements of the charity. which is 8 puL)Iic benefit entity under FRS102. have L)een preparecl under the historic81 cost convention They have been prepared in accordance with 8ppIic8ble Unitecl Kingdom accounting standards. the requirements of the statement of Recommended Practice 'Accounting and Reporting by Charities. [SORP FRS 102 second eclition). in accordance with the Fin8nci81 ReporLing Standard 8pplicabie in the UK [FRS 102) and the Ch8rities Act 2011. The Trustees consider that there are no m8teri81 uncertainties 8tr)out the Trust's ability to continue as a going concern. In forming this opinion. they have considered the long term impact of the current economic challenges ancl the context on both its income and expenditure for at least 8 period of twelve months from the date of approval of these financi81 statements. Company status The Funding Network is a company limited by guarantee. In the event of the Charity t)eing wouncl up. the liability in respect of the guarantee is limited to £1 per member of the Charity. Fund accounting Gener81 f unds are unrestricted funds which are 8V8ilabie for use at the discretion of the Trustees in further8nce of the general objectives of the Charity and which have not been designated for other purposes. Design8ted funds comprise unrestricted funds th8t have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financi81 statements. Restricted f unds are funds which are to be used in accordance with specific restrictions imposed by donors which h8ve been raised by the Charity for particular purposes. The cost of administering such funds is charged against the specif ic funcl. The aim and use of each restrictecl fund is set out in the notes to the fin8nci81 statements. Statutory grants which are given as contributions towards the Charity s core services are treated 8s unrestricte(i. Intangible fixed assets and amortisation Amortisation is provided on all intangible f Ixed assets at rates calculated to write off the cost on a straight-line basis over their expected economic life as follows. Rebranding - 5 years Tangible fixed assets and depreciation Depreciation is providecl on all tangible fixed assets at rates calculated to write off the cost on 8 str8ight-line b8SiS over their expected economic life as follows.. Office Equipment - 5 years Computer Equipment - 3 years THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS Incoming resources All incoming resources are included in the statement of Fin8nci81 Activities when the Charity is legally entitled to the income and the amount can be quantified with re8son8ble accur8Cy. Donated facilities are included at the value to the Charity where this can be qu8ntified. and a third party is L)earing the COSL No amounts are include(i in the financial statements for services donated by volunteers. Donated services are included in income at 8 V81u8tion which is an estimate of the financial cost borne by the donor where such a cost IS qU8ntifiable and measurable. No income is recognised where there is no financial cost borne by 8 third party. Income tax recoverable in relation to investment income or Gift Ai(i (ionations is recognised at the time the relevant income is receivable. Resources expended All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Support costs. which cannot be directly attributed to p8rLicu18r 8Ctivities. have been 8PPOrtioned proportionately to the direct staff costs allocated to the activities. Governance costs include the costs of servicing Trustees. meetings. audit and Strategic Planning Irrecoverable VAT is Charged against the category of resources expended for which it Was incurred. pensions The comp8ny is part of 8 defined contribution pension scheme. Contributions are charged to the Statement of Fin8nci81 Activities 8S they become Payable in accordance with the rules of the scheme. DONATIONS AND LEGACIES Unrestricted Funds 2023 Designated Funds 2023 Restricted Funds 2023 Total Funds 2023 Total Funcis 2022 Pledges an GiftAid Grants Gift in Kin(i Other voluntary income 1.000 103.400 614.836 57.856 615.836 242.256 530.564 256.246 81.000 5.923 5.923 1.510 86.923 104.400 672.693 864.016 788.320 Funds raised through partner events in Albania. Austr81i8. Belgium. columbia, Georgia. Germany. Hungary. Latvia. M8cedoni8. New zeal8nQ. Peru. Romania. the Romanian Di8spor8. Slovakia and 26 THE FIJNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS Turkey. totalled £1.012.258 Ccompared with £987.206 in 2021122) These events were administered by partner organis8tions r8ther than TFN so are not directly reflected within the funds raised represented in these accounts. However. ali partnering events and organisations receive subSt8ntial ongoing support and guidance from TFN. Analysis of grant funding unrestricte Funds 2023 Designated Funds 2023 Restricted Funds 2023 Total Furn(is 2023 Total Funds 2022 Frederick Mulder Foundation City Bridge Foundation M8rie-Louise Motesiczky Charit8ble Trust Ennismore Foundation Gates Founcl8tion Brooks Foundation Charles Stewart Mott Foundation T&J Meyer Family Foundation EQ Found8tion I Paul Getty Jnr Charitable Trust others. including private donations 30.500 30.500 55.000 38.500 55.000 25.000 25.000 50.000 37.500 45.000 37.500 3.641 10.000 37.500 10.000 10.000 32.856 32.856 33.555 20.000 10.000 10.000 5,000 5,000 5,000 1.000 81.000 10.900 103.400 11.900 242.256 63.050 256.246 57.856 2. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds 2023 Designated Funcis 2023 Restricted Funcis 2023 Total Funds 2023 Total Funcis 2022 Membership fees Attendance fees 21.784 130 21.914 21.784 130 21.914 22.624 22.624 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS 3. INCOME FROM OTHER TRADING ACTIVITIES Unrestricte Funds 2023 Designate(i Funds 2023 Restricte(i Funds 2023 Total Funds 2023 Tot81 Funds 2022 Sponsorships 1.992 1.992 1.992 1.992 4. INVESTMENT INCOME Unrestricted Funds 2023 Designated Funds 2023 Restricted Funds 2023 Total Funds 2023 Total Funds 2022 Interest receivable Bank Interest 340 340 340 340 19 19 5. RESOURCES EXPENDED Grant Funding of Activities staff costs (Note 9] other Direct costs Support costs Total 2023 Raising Funds Costs of generating voluntary income 32.652 1.872 16.201 50.725 Charitable Activities UK Events CharityTraining and Support Membership Support TFM I nternation81 Grantm8king Total charitable expenditure 39.267 14.319 29.182 82.768 20.490 31.261 26.790 30.732 148.540 13.197 21.994 6.222 20.492 91.087 33.687 55.096 49,600 621.555 842.706 1.841 16.588 8.827 41.575 561,504 561,504 Total Expenditure 561,504 181.192 43.447 107.288 893.431 28 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS Resources expended include.. 2023 2022 Amortisation Depreciation Auditor's remuneration 3.660 3.211 5.720 1.457 4.950 Details of staff costs are given in Note 9. Det8i1s of Support costs are given in Mote 8. RESOURCES EXPENDED - COMPARATIVE Grant Funding of Activities staff Costs other Direct (Note 9] Costs Support costs Total 2022 Raising Funds costs of generating voluntary income 15.334 3.21 11.669 30.248 Ch8rit8ble Activities UK Events Charity Training and Support Membership Support TFN International Grantmaking Total ch8ritatr)le expenditure 38.210 4.545 17.757 65.423 9.961 135.896 4.493 35.004 23.337 23.335 11.669 11.668 105.013 77.707 27.882 42400 77.133 509.475 734.597 1.308 41 487.846 487.846 5.842 Total Expenditure 487.846 151.230 9.087 116.682 764.845 6. GRANTS PAYABLE 2023 2022 Grants payable at the start of the year (note12) Grants payable at the year end [note121 Adjustment for accounting error Grants paid during the year. [68.399J 110.822 [3,667) [86.4601 68.399 29 THE FIJNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS Flagship Access Social Care Artis Foundation B8th City Football Club Foundation Bloody Good Period Catching Lives Children Heard and Seen Children with Voices Climate Emergency UK Clowns Without Borders UK Cornerstone CRIBS International Farmers Overseas Action Group Feedback Five T81ents Frazzled Café Gallow's Close Get Rid of and Donate Getting into Tech Greater Change Hackney Laces Katherine Low Settlement Key4Life Maymessy My Life Films Omnibus Theatre Only a Pavement Away Opera Circus Parallel Histories Proveg UK Solar Links Stockton Hope Stormbreak Sumatran Orangutan Society Suvita The Restart Project The Streetlife Trust The Visionaries Vulcan Learning Centre Wheatley Hill Community Association 2.667 20.737 2,428 543 9.890 15,390 28,914 578 13.326 20.684 1.612 601 9.540 16.104 T6 11,811 20.868 9.030 1.499 25,665 7.400 14.607 17,810 19.536 11,192 12.307 10.003 173 22.009 347 11,690 9.251 340 21.957 16,558 1.500 13.473 578 18.583 11.278 22.159 10.028 14.195 7.460 260.286 1,591 228,342 30 THE FIJNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS Strategic Funding Group A Partner In Education Book Clubs in Schools C8Xton Youth Children Heard and Seen Children of the Mountain Daniel Spargo Mabbs Foundation Five Talents Foundervine Human Milk Foundation Lightyear Foundation Migration Museum ObliqLJe Arts University Education Unchecked Vulcan Learning Centre 24,223 3.049 17,864 28,583 1.442 16.274 19.228 1,748 24,998 17,309 17,378 11.557 20.466 18.535 111,486 111.188 Partnership Events Black Funding Network Alfred Fagon Award Aspire2inspire Dyslexia CIC Five Aside Theatre Make a Difference at Sandies Mindwalk Yoga Urban MBA 6.990 6,492 5.664 6,554 6.167 5.857 17,788 20.036 Early stage funding delivered via Crowdbacker with Year Here AimHire Bua Climate Minded Dream Green Heartstiings lust Once Kala Living Proof Mosaic Nudos Scoobi Soda Spedal 978 5.835 2,701 730 5.449 5.930 6,730 906 4.250 3.638 4.424 4.657 944 28.173 7,307 26.306 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS EFN Live in partnership with the Environmental Funders Nelwork Poverty and Environment Trust Sustainable soils The Orcharcl Project 21.102 22.038 19.281 62.4 City for LGBT+ in partnership with GiveOuL Macquarie and Consortium Consortium+ Helem I raoueer Loving Me PASSOP Rainbow Migration 8.125 18.167 20.726 19.513 9.706 11.335 29.166 58.406 Regional TFM Hertfordshire Daylight Club Young People's Puppet Theatre Youth T81k 3.917 5.189 6.364 15.470 TFN Oxford Ark T Centre Be Free Young carers Flo's. The Place in the Park 231 5.460 5.785 5.824 17.069 231 32 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS 7. SUPPORT COSTS Cost of Generating Voluntary Income Charity Training and Support UK Events Memt)ership Support TFN International Total 2023 Grantmaking Staff Costs [Note 9] Rent and Rates Travelling Expenses Printing & Stationary Telephone & computer Bank Charges Depreciation Other Staff Costs Professional & Consult8ncy Costs other Support costs Total Support costs 7.906 2.241 326 24 1.5T 234 1.037 99 14.241 4.038 587 44 6.440 1.826 265 20 1.279 190 846 80 10.733 3.043 442 33 2.132 317 1.409 134 3.036 861 125 10.000 2.835 412 31 1.987 396 1.313 125 52.356 14.844 2.157 161 10.402 1.548 6.871 653 2.829 421 1.867 178 603 90 399 38 2.565 198 16.201 4.620 357 29.182 2.089 162 13.197 3.482 269 21.994 985 76 6.222 3.244 251 20.492 16.984 1.313 107.288 Governance costs of £6.692 (2022. £5.336) are includecl. THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS SUPPORT COSTS - COMPARATIVE Cost of Generating Voluntary Income Charity Training and Support UK Events Membership Support TFN I ntern8tion81 Total 2022 Grantmaking Staff Costs [Note 9] Rent and Rates Travelling Expenses Printing & Station8ry Telephone & Computer Bank Charges Depreciation Other Staff Costs Profession81 & consultancy costs other Support costs Total Support costs 2.779 2.072 220 51 731 303 146 240 8.336 6.216 661 152 2.193 910 437 719 5.557 4.144 442 101 1.463 607 291 479 5.557 4.144 441 2.779 2.072 220 51 731 303 146 240 2.779 2.072 220 51 731 302 146 240 27.787 20.720 2.204 506 7.311 3.032 1.457 2.396 100 1.462 607 291 478 5.092 35 15.275 105 10.183 70 10.183 70 5.092 35 5.092 35 50.917 350 11.669 35.004 23.337 23.335 11.669 11,668 116.682 35 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS 8. STAFF NUMBERS AND COSTS Total 2023 Total 2022 Wages and Salaries SOCi81 security costs Pension costs 207.882 19.020 6.647 233.548 161.885 11.756 5.376 179.017 comprised of. Staff Costs directly attributable to Charitable Activities (Note 6] Staff Costs relating to Support function (Note 8] 181.192 52.356 233.548 151.230 27.787 179.017 The average weekly number of employees during the period was.. Number Number Employees 4.75 4.00 One employee received remuneration of more th8n £60.000 in the band £80.000-90.000 (2022. one employee in the band £70.000-80.000). This figure inclucles gross salary 8nd employers M8tion81 Insur8nce contributions. During the year. key management. comprising the CEO an(i Impact Manager. received remuneration of £135.620 [2022.. £118.909) 9. TRUSTEES REMUNERATION AND BENEFITS During the year. no members of the Board ofTrustees received any remuneration [2022. £nil). No memL)ers of the Board of Trustees receivecl reimbursement of expenses (2022. £nil). 36 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS INTANGIBLE FIXED ASSETS Total 2023 Rebrancling cost AS 8t1$1 April 2022 Additions AS at 31st March 2023 18.300 18.300 18.300 18.300 Amortisation AS at ISI April 2022 Charge in the Ye8r As at 31st March 2023 3.660 3.660 3.660 3.660 NBV as at 31st March 2023 NBV as at 31st M8rch 2022 14.640 14.640 The expenditure on Rebranding in the year c8Pltalised as I nt8ngible fixed assets included redesigning the logo and other marketing tools. 10. TANGIBLE FIXED ASSETS Office 8nd computer Equipment Total 2023 cost As at1$1 April 2022 Additions As at 31st March 2023 7.286 1.204 8.490 7.286 1.204 8.490 Depreciation AS 8t1$1 April 2022 Charge in the Year AS at 31st March 2023 4.331 3.211 7.542 4.331 3.211 7.542 NBV as at 31st March 2023 948 948 NBV as at 31st M8rch 2022 2.955 2.955 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS 11. DEBTORS 2023 2022 Due within one year Other debtors Prepayments and Accrued Income 64.489 55.000 119.489 52.880 52.880 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade Creditors Grant commitments social security and Other taxes Accruals 983 110.822 [346) 10.127 121.585 2.992 68.399 1.903 19.236 92.530 13. DEFERRED INCOME 2023 2022 Deferred income 108.400 108.400 182.856 182.856 Deferred income Balance at1 April 2022 Amount released in ye8r Amount deferred in the year Balance at 31 March 2023 182.856 [82.856) 8.400 108.400 78.555 [78.555] 182.856 182.856 38 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS 14. STATEMENT OF FUNDS Transfers & investment g8ins/iiossesJ Brought Forward Incoming Resources Resources Expended carried Forw8r(i DESIGNATED FUNDS Swan Appeal Office Costs 23.371 495 23.866 96.900 7.500 104.400 C120.271J [7.995] [128.266] RESTRICTED FUNDS Grant-making TFM Internation81 614.836 57.856 672.693 C570.331] [49.513] [619.844) C44.505] [25.000] [69.505) 34.596 34.596 17.940 17.940 SUMMARY OF FUNDS Designated Fun(is General Fun(is 23.866 119.298 143.164 34.596 177.760 104.400 111.168 215.568 672.693 888.261 [128.266] 197.7 69.505 [69.505) [273.500) [272.076) [619.931) [893.431) 154.737 154.737 17853 172.590 Restricted Funds The Swan Appe81 designated fund represent monies raised by speci818ppe81 during 2021122 to cover core costs over 3 years. This funcl is being allocated across each year L)8sed on the spending Plan for that period. The Office costs designated fund represents amounts donated in order to offset the increased office costs from the move into rented office space in 2019120. Money raised 8t UK Events by The Funding Network is for specific non-profits. These f unds are treated as restricteci and have been paid to the respective non-profits less a levy of on average 7.5°A to cover overheads. The levy is treated as a transfer t)etvEen funds Csee below] Restricted grants have also been received during the year to fund the (ievelopment of TFN activities in overseas countries tTFN I nternationalj. 39 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS COMPARATIVE STATEMENT OF FUNDS Transfers & investment g8ins/iiossesJ Brought Forw8r(i Incoming Resources Resources Expende(i carried Forw8r(i DESIGNATED FUNDS Swan Appeal Office Costs Digit81 Transformation 134.050 15.000 20.000 169.050 C110.679) [14,505] [20.OOOJ [145.184) 23.371 495 23.866 RESTRICTED FUNDS Grant-making TFN International 530.564 78.555 604.064 [487846) [77.132) [564.978] [42.X8J 33.173 33.173 34.596 34.596 [42.Tr8] SUMMARY OF FUNDS Designated Fun(is Gener81 Funds 169.050 32.794 201,844 609.119 810.963 [145.184] 187.902 42.T8 [42.Tr8] 23.866 119.298 143.164 34.596 177.760 98.469 98.469 33.173 131.642 [199.867) [199.867) [564.978] c764.81) Restricted Funds 15. TRANSFERS Restricte(i Funds 2023 Designated Funds 2023 Unrestricte Funds 2023 Transfer in the year comprises.. Release of Swan Appeal Transfer to cover off ice rent81 costs Levy Charged [120.271) [7.995] 120.271 7.995 44.505 [44.505] 40 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS COMPARATIVE TRANSFERS Restricte(i Funds 2022 Designated Funds 2022 Unrestricte Funds 2022 Transfer in the year comprises.. First year of Swan Appe81 Released Transfer to cover off ice rental costs Transfer to cover the cost of digital tr8nsformation Levy Charged [110.679) [14,505] 110.679 14.505 [20.000] 20.000 42.Th8 [42.Tr8] 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Designated Funds General Funds Restricte(i Funds Total Funds Fixed Assets Debtors Bank Cre(iitors due within one year Deferred Income 15.588 55.270 103.042 [10.763] [8.400) 154.737 15.588 119.489 267.498 [121.585) [108.400) 172.590 64.219 164.456 [110.822] [100.000] 17.853 COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS Designate(i Funds General Funds Restricte(i Funds Total Funds Fixed Assets Debtors Bank Creditors due within one year Deferred Income 2.955 12.075 111.459 [7.191) 2.955 52.880 397.310 [92.530) [182.856) 177.760 40.805 285.851 [68.399) [182.856] 34.596 C16.940) 23.866 119.298 41 THE FUNDING NETWORK
NOTES TO THE FINANCIAL STATEMENTS 17. PENSION COMMITMENTS Part of the salary of the staff members is paid in the form of contriL)utions to 8 defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. An 8Uto-enrolment workplace pension scheme is now also in operation. The pension cost charge represents tot81 contriL)utions payable by the charity to both funds anci amounted to £6.647 [2022. £5.376) 18. RELATED PARTY TRANSACTIONS During the year. donations tot811ing £32.560 [2022. £21.275) were received by the organisation from Trustees.TFM Trustees are able to nominate or help select non-profits. never at the same time. Any potential conf licts of interest by 8 B08rd member would be raised before a selection panel meeting. in the same manner 8 TFN member would declare any conflicts of interest th8t m8y be relevant to the org8nis8tions being considered. 42 THE FUNDING NEfwoRK
NOTES TO THE FINANCIAL STATEMENTS 19. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY unrestricte Funds 2022 Designated Funds 2022 Restricte(i Funds 2022 Total Funds 2022 INCOME AND ENDOWMENTS FROM.. Donations and legacies Charitable activities other tracling activities Investments TOTAL 10.151 22.624 169.050 609.119 788.320 22.624 19 32.794 19 810.963 169.050 609.119 EXPENDITURE ON: Raising Funds costs of generating volunt8ry income Charitable activities UK Events Charity Training and Support Membership Support TFN International Grantmaking TOTAL EXPENDITURE 30.248 30.248 77.707 27.882 42.400 77.707 27.882 42.400 77.133 509.475 764.845 77.133 487.845 564.978 21.630 199.867 Net income/lexpenditure] before transfers Transfer between funds MOVEMENT IN FUNDS C167.073) 187.902 20.829 169.050 C145.184J 23.866 42.141 [42.718] 1.423 46.118 46.118 RECONCILIATION OF FUNDS TOTAL FUNDS AT1 APRIL 2022 98.469 33.173 131.642 TOTAL FUNDS AT 31 MARCH 2023 119.298 23.866 34.596 177.760 THE FUNDING NEfwoRK
THANK YOU We recognise with the deepest gratitude the contribution made to our work by our individual and corporate members. donors to the 2021 Swan Appeal. and institutional funders. CORPORATE HOSTS Janus Henderson MACQUARIE INVESTORS LlIi£henn de Re)a octopus PIOTON Abn9hLer way Rathbone Greenbank Investments T.Rowel*ice ' FUNDERS BROOKS F,NNISII()RF, FOUNDATION FOLK'DATION Frederick Mulder Foundation THE GREEN QOOM I PAULGETTYINR CHARITABLE TKUST -eo f15t)n Merriman Charitoble FouDdation ARITABLETrusr Motesiczky PARTNERS i Black Fundlng EnrOnmental FundetsNelwork CONSORTIUM YEAR ) Giveout MACQUARIE HERE THE FUNDING NETWORK CREATIVE IDENTITY - HEAT DESIGN ANNUAL REPORT- DESIGNED IN-HOUSE EVENT PHOTOGRAPHS - DANIEL LEWIS AND ANDY LANE